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About greedy oil companies

The Editor, The Christian Science Monitor

> 

> To the Editor:

> 

> Cartoonist Clay Bennett shows an oil-company executive sitting smugly in

> front of charts showing that "audacity" and "temerity" are rising along

> with profits (Nov. 10).  Is it audacious to risk billions of dollars

> annually to explore for oil?  Is it temerity to enjoy high profits in some

> years, knowing that other years will bring losses?

> 

> The truly audacious (and greedy) ones are the politicians who demagogue

> this issue.  After all, since 1980 oil companies paid taxes of $2.2

> trillion (in 2004 dollars) - an amount more than three times higher than

> the profits these companies earned during the same period.*

> 

> Sincerely,

> Donald J. Boudreaux

> Chairman, Department of Economics

> George Mason University

> Fairfax, VA 22030

> 703-993-1157 (office)

> 703-993-1133 (fax)

> 703-426-9299 (home)

> 571-426-5751 (cell)

> dboudrea@gmu.edu

> 

> * http://www.taxfoundation.org/news/show/1168.html

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